Endurance Specialty Reports $850M Credit Facility

August 9, 2004

Endurance Specialty Holdings Ltd., headquartered in Bermuda, announced it has entered into a three-year $850 million revolving credit and letter of credit facility with a consortium of leading financial institutions. The full amount of the facility may be used to issue letters of credit or for revolving credit borrowings.

The facility was arranged by J.P. Morgan Securities Inc. and Wachovia Capital Markets LLC acting as joint bookrunners and joint lead arrangers, and Wachovia Bank, National Association as syndication agent.

The lenders under the facility are: JPMorgan Chase Bank, Wachovia Bank, N.A., Bank of America, N.A., Barclays Bank, The Bank of New York, Calyon, ING Bank N.V., Comerica Bank, Deutsche Bank AG, HSBC Bank USA, N.A., Lloyds TSB Bank plc, The Bank of Nova Scotia, The Royal Bank of Scotland, Commerzbank AG, The Bank of N.T. Butterfield & Son Limited, Credit Suisse First Boston, Goldman Sachs Credit Partners, and Merrill Lynch Bank USA.

Michael J. McGuire, senior vice president of Finance of Endurance Specialty Holdings, commented, “We are very pleased to have entered into this facility with such strong financial partners. We are particularly appreciative of the commitments that all of our long-term financial partners have made in extending their support of Endurance for an additional three years. This facility provides Endurance with significant financial flexibility, liquidity and letter of credit capacity to support our clients’ needs.”

Endurance Specialty Holdings Ltd. is a global provider of property and casualty insurance and reinsurance. Through its operating subsidiaries, Endurance currently writes property per risk treaty reinsurance, property catastrophe reinsurance, casualty treaty reinsurance, property individual risks, casualty individual risks, and other specialty lines.

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